HVN announced 9M 2021 revenue of VND18.7tn (USD821mn; -42.0% YoY) and a net loss of VND11.8tn (USD514mn; 1.5x larger than the loss in 9M 2020). 9M 2021 revenue is equal to 79.5% of our 2021F forecast while the 9M 2021 net loss is equal to 63% of our forecast net loss for 2021F.